🚀 PodcastOne Reports Strong Revenue Growth Despite Q1 Setbacks

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Podwires Overview : PodcastOne, one of the largest podcast platforms and a subsidiary of LiveOne, announced its operational results for the first fiscal quarter, which ended June 30, 2024.

Kit Grey, President and Co-Founder, acknowledged the company's outstanding performance in revenues and credited them to the success of the team through strategic acquisitions, effective marketing, and long-term relationships with advertisers and brands as major factors driving toward profitability and sustainability of value for the company and its shareholders.

The Revelations:

• LiveOne currently owns approximately 72% of PodcastOne and it will continue to consolidate PodcastOne's financial results.

• PodcastOne ranked 11th in Podtrac's Podcast Industry Top Publishers Rankings for July 2024 with a monthly U.S. unique audience of 5.5 million and 17.8 million global downloads and streams.

• For Q1 FY 2025, PodcastOne posted revenue of $13.2 million, a 24 percent increase from $10.6 million in the same period in the prior year.

• In Q1 FY 2025, the Operating Loss was $1.4 million, compared to Operating Income of $0.2 million in the same quarter ending June 20, 2023 (referred to as "Q1 FY 2024"). Operating income declined by $1.6 million due mainly to a rise in content expense and higher legal and accounting fees associated with PodcastOne becoming a public entity.

• In Q1 FY 2025, Adjusted EBITDA* was $(0.3) million, compared to Adjusted EBITDA* of $0.4 million in Q1 FY 2024.

• PodcastOne is reaffirming its revenue guidance for the fiscal year ending March 31, 2025 ("FY 2025"), of between $51 million and $56 million.

Why does It Matter :

Contrasted with this has been the PodcasOne view, which stays FY 2025 revenue guidance despite Q1 FY 2025 operating income and adjusted EBITDA declines. The company is confident it can meet its financial goals for the year even after a rough first quarter.

Bottom line :

The maintaining of the revenue guidance indicates that PodcastOne is quite confident in its future performance and the ability to get up and overcome challenges. The company stays focused on meeting FY 2025 financial targets despite the initial setbacks.